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2013-10-29 — ft.com
Mexico is poised to levy some of the world's harshest royalties on mining companies potentially hurting its business-friendly image just as, paradoxically, it seeks to open its energy sector up to private investment. The proposal before the Senate, which has a deadline for approval of October 31, would impose a 7.5 per cent flat tax on mining profits, levy an extra 0.5 per cent on profits from precious metals and stop exploration expenses from being immediately tax deductible.
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But some miners are warning that if the tax plans are approved, they could scrap future projects and invest in Peru, Chile or North America instead.
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